When playing on an online casino, a player must make a deposit. There are usually many deposit options, including credit card payments, bank transfers, and prepaid cards. Many of these payment methods can be expensive, or time-consuming.
With so many Bitcoin casinos with low house edge and provably fair systems, there really is no reason not to use Bitcoin. It seems pretty obvious why Bitcoin online gambling is the next big thing. In case you aren’t sure why, here are the reasons:
1. Bitcoin is decentralized
Bitcoin’s peer-to-peer nature makes it difficult for governments to regulate it. You can make deposits and withdrawals to Bitcoin casinos anywhere in the world, without having to worry about your transaction being blocked. Bitcoins cannot simply be taken away from you, in the way that a bank account or credit card may be frozen.
The digital currency’s pseudonymous nature also ensures that it is harder for someone to identify you. Many online gambling operators are using Bitcoin as a way to take bets from players all over the world, without legal repercussions. Bitcoin gambling laws are unclear, which leads some people into choosing Bitcoin for betting on the Internet.
2. Bitcoin casino payments are not reversible
If you use Bitcoin for online gambling, you won’t ever face a chargeback from a fraudulent company. Unless you are the victim of a very unlikely double spending attack, you can rest assured that your money will stay in your wallet.
Every transaction is recorded publicly in the blockchain. If a company decides to scam you, evidence can be found inside a blockchain, to show that a certain transaction did, or did not take place.
3. Online Bitcoin gambling is fair
If you decide to play on a provably fair Bitcoin casino, you can be completely sure that you aren’t getting ripped off. Provably fair games will use cryptographic hashes, which allows you to verify that the casino operator is not cheating. For example, the website you play on will usually have a tool that lets you verify your dice rolls, or roulette spins.
For extra security, you can even use player-created verification software which runs offline, or create your own tool.
4. Bitcoin transactions are fast and cheap
Instead of waiting days, or even weeks for a payment to come through, you can use Bitcoin. Transactions only take minutes to confirm on the network, so it would be pointless for an online Bitcoin casino to delay your withdrawals.
The only fee you will have to pay when making a Bitcoin payment is a small transaction fee. It is very low compared to the hefty fees you may have to pay when making an international bank transfer.
5. Bitcoin online gambling is legal
Despite what many people think, it is actually a better choice to gamble online with Bitcoin, rather than with fiat money. Legal Bitcoin gambling is possible because there are a lack of online gambling laws. Since governments have just started to pay attention to Bitcoin, there aren’t many laws that affect it.
Bitcoin is definitely the best payment system for casual players, and hardcore gamblers alike. It is obviously a great way, if not the best way, to gamble online.